Broadcom Revenue Miss Prompts Semiconductor Stock Declines
Broadcom shares fell 14 percent in pre-market trading after the company reported lower-than-expected revenue and reduced guidance for semiconductor sales tied to artificial intelligence. Several other chipmakers also declined.
benzinga.comBroadcom reported revenue below analyst expectations and lowered its forecast for next-quarter semiconductor revenue linked to AI demand. The shortfall triggered immediate selling in the sector.
Broadcom shares dropped 14 percent in pre-market trading.
Nvidia shares slipped 1.1 percent. The moves occurred after SK Hynix informed investors that its plan to list shares in the United States had drawn a positive response from shareholders.
CrowdStrike shares fell 10 percent after the company posted quarterly metrics that narrowly beat estimates but issued guidance viewed as underwhelming. Costco shares rose 2.2 percent after May net sales increased. Amazon shares rose 1 percent after the company announced plans to invest more than 10 billion euros in European fulfillment centers.
PVH shares dropped 22 percent after the company lowered its guidance, citing pressure on European consumers from the Middle East conflict. The S&P 500 futures fell 0.4 percent, Nasdaq-100 futures declined 1.2 percent, and Russell 2000 futures rose 0.3 percent.
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